$100 in 1923 is worth $564 in 1982,
because prices increased 464.3% over that period, an average of
2.98% a year.
$100 in 1923 has
the same buying power as
$564
in 1982
Detailed inflation statistics
Cumulative price change
464.3%
Average inflation rate
2.98% per year
Converted amount ($100 base)
$564
Price difference ($100 base)
$464
CPI in 1923
17.1
CPI in 1982
96.5
Inflation in 1923
1.79%
Inflation in 1982
6.16%
$100 in 1923 → 1982
$564
$100 in 1982 → 1923
$17.72
What happened to prices between 1923 and 1982
Between 1923 and 1982, the Consumer Price Index went from 17.1 to 96.5.
Cumulatively, prices increased 464.3%, which works out to an average of
2.98% per year. Put differently, a dollar in 1923 bought what
$0.18 buys in 1982: the 1923 dollar
lost 82.3% of its purchasing power over
these 59 years.
Consumer prices rose 1.8% in 1923, the first increase since 1920 and a sign
the postwar deflation had run its course; the economy settled into the
steadier growth that defined much of the rest of the decade. The year’s
biggest shock was political rather than economic: Warren Harding died August
2 in San Francisco while returning from a trip to Alaska, and Vice President
Calvin Coolidge was sworn in the next day at his family’s farmhouse in
Plymouth Notch, Vermont, administered the oath of office by his own father,
a notary public, by lamplight. Coolidge would go on to preside over the low,
stable inflation of the “Roaring Twenties.” The contrast with Germany that
year was stark. The Weimar Republic’s currency collapse reached its peak in
November 1923, with prices doubling every few days and a loaf of bread
costing billions of marks; Germany introduced a new currency, the
Rentenmark, that month to halt the spiral. U.S. consumer prices, by
comparison, had moved in single digits or held flat every year since 1921, a
gap that shaped how American economists would later think about what made
the postwar inflation of Europe so different from the mild swings at home.
First-class postage stayed at 2 cents.
Every 1923 amount converts to 1982 at the same ratio, 5.64: $1,000 becomes
$5,643, and $10,000 becomes $56,433.
Amount in 1923
Value in 1982
$1.00
$5.64
$5.00
$28.22
$10.00
$56.43
$20.00
$113
$50.00
$282
$100
$564
$500
$2,822
$1,000
$5,643
$5,000
$28,216
$10,000
$56,433
$100,000
$564,327
$1,000,000
$5,643,275
Inflation by spending category, 1923–1982
Between 1923 and 1982, food rose the most, up 532.5%, while apparel rose the least, up 260.9%, against 464.3% for all items. The headline number is an average; here is what $100 of 1923
spending costs in 1982, by category:
Category
Avg. yearly inflation
$100 in 1923 →
All items (CPI-U)
2.98%
$564
Food
3.18%
$632
Apparel
2.20%
$361
Not shown because the BLS began these indexes after 1923: core (all items less food & energy) (1957–), energy (1957–), housing (1967–), medical care (1935–), transportation (1935–), recreation (1993–), education & communication (1993–).
Decade by decade: 1923 to 1982
Prices climbed fastest in the 1980s, averaging 8.22% a year, and fell in the 1930s (1.7% a year). Each step below chains into the full 1923–1982 change:
Years
Avg. yearly inflation
Price change
$100 from 1923, at end
1923–1930
-0.34%
-2.3%
$97.66
1930–1940
-1.75%
-16.2%
$81.87
1940–1950
5.58%
72.1%
$141
1950–1960
2.08%
22.8%
$173
1960–1970
2.74%
31.1%
$227
1970–1980
7.82%
112.4%
$482
1980–1982
8.22%
17.1%
$564
Year by year: CPI and the value of $100 from 1923
$100 from 1923 had already become $156 by
1953, on its way to $564 in 1982; each row shows the CPI, that
year's inflation rate, and the running value.
Within the span, inflation peaked at 14.4% in 1947, and prices fell 9.9% in 1932, the deepest deflation of the period.
Long periods are sampled every 2 years; the calculator above covers any pair of years.
The destination year: 1982
In 1982, prices rose 6.2% and $100 from 1923 had the buying
power of $564; the year's average CPI of 96.5 is the level
behind every 1982 figure on this page.
1982 was the hard bottom of the disinflation Paul Volcker had set in motion.
Consumer prices rose just 6.2% for the year, roughly half of 1981’s rate and a
fraction of the 13.5% peak from two years earlier. The price fell because
demand had been crushed: the recession that began in July 1981 did not
officially end until November 1982, and unemployment kept climbing even as
the economy technically began to recover, reaching 10.8% in November and
December, the highest rate since the Great Depression. Manufacturing and
construction, especially the auto and housing industries starved of credit by
double-digit interest rates, bore the worst of it. Abroad, Mexico’s August
announcement that it could not service its foreign debt opened a Latin
American debt crisis that spread across the region and forced the Federal
Reserve and IMF into emergency lending. The stress on the financial system
pushed Volcker to start easing interest rates that October, stepping back
from the strict money-supply targets he had followed since 1979. Markets read
the shift correctly: the Dow Jones Industrial Average bottomed at 776.92 in
mid-August, and the rally that followed became the opening leg of the 1980s
bull market. By year’s end, the trade-off Volcker had bet on was becoming
visible: much lower inflation, at the cost of the worst unemployment in 40
years.
MLA: “Inflation from 1923 to 1982: $100 is worth $564 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1923-to-1982/
APA: InflationCalculator.com. Inflation from 1923 to 1982. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1923-to-1982/